Federal Land NRE Global created

FEDERAL Land Inc. entered a joint venture with Japanbased Nomura Real Estate Development Co. Ltd. to establish a real estate firm, Federal Land NRE Global Inc., in the country.

In a disclosure on Friday, the property arm of conglomerate GT Capital Holdings Inc. said the new company will focus on township developments.

With the partnership, Nomura Real Estate will invest $324 million (around P16 billion) or 34 percent of the P48-billion total capital investment of the joint venture.

“We have invested in a joint venture to accelerate business expansion in a rapidly growing market. We will build and aim for development here while promoting a combined housing and commercial projects with Federal Land,” Nomura Real Estate chairman Eiji Kutsukake was quoted as saying.

Federal Land NRE Global is scheduled to begin its operations in April.

For its initial project, the company will incorporate four areas of land development in Metro Manila, Cavite and Cebu, with a total area of around 250 hectares.

The project will have an initial pipeline of residential, office, commercial and industrial facilities.

The joint venture is expected to “bring milestone developments that mix Japanese inspiration with Filipino sensibility.”

It will also push for smart cities, the presence of Japanese retail concepts and a client-first mindset, according to Federal Land.

“We intend to provide relevant real estate solutions that increase value over time and leave a positive mark for generations by building sustainable communities with distinct Japanese style and infused with Filipino sensibility,” Federal Land chairman Alfred Ty said.

Nomura Real Estate was founded in 1957 and is engaged in residential development, commercial property development, building leasing and architectural design businesses in Japan.

Aside from the Philippines, the Japanese firm also has expansions in China, Vietnam and Thailand.